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CDI revenue roughly flat

July 31 2008

CDI Corp. (NYSE: CDI) posted a 2.2% decline in second-quarter revenue to $289.2 million from $295.7 million in the same period last year.

The company said revenue was relatively flat when accounting for $300,000 in real estate exit costs in the second quarter and a $400,000 reduction in income tax expenses in 2007.

Second-quarter revenue rose 0.4% to $153.1 million in CDI's engineering solutions division; dipped 0.5% to $19.4 million in its Management Recruiters International unit; and fell 6.6% to $56.5 million in its IT solutions unit, which includes information technology services and staffing. In the company's AndersElite division, which provides temporary workers in the United Kingdom and Australia, revenue fell 4.7% to $60.2 million.

Gross margin slipped to 23.4% from 24.3%

Second-quarter net income fell 16.2% to $7.0 million from $8.3 million in the second quarter of 2007.

The company estimated third-quarter revenue to be slightly down or flat year-over-year.

For the second quarter ended June 30, 2008, compared with the same period in 2007.
Revenue: $289.2 million, -2.2%
Net income: $7.0 million, -16.2%


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